Denver Metro Insights August
for the month of August 2020
With the opportunity to purchase a home for 3% interest OR LESS, it’s almost like borrowing for free. Just ask any of the 1410 people who closed on their new homes in the sizzling heat of July. I’m sure they’ll agree that those rates make the affordability of a new home… well, more affordable! With average sale prices of $581,930 and Days on Market sitting at 25, it isn’t hard to understand why there were strong sales among the 1686 homes available to purchase in Metro Denver.
All along the Front Range people were questioning if they should even consider selling or buying a home in 2020. RE/MAX Alliance Associates were ready and willing to help them look past the challenges so they could begin enjoying the fruit of homeownership. Factoring in social distancing and safe practices, you might wonder how they managed.
Virtual technology, introduced to the real estate industry back in the ‘90s, is playing a large role in the stable marketplace we are experiencing. Starting with those reality tours of homes that could feel like stumbling along the deck of a rolling ship, Virtual Tours have come a long, long way.
Trending real estate purchasing behavior in today’s marketplace shows clearly that not every buyer is physically visiting the home they buy. More than ever before, marketing techniques that are enhancing the online experience of real estate consumers via video, the 3D Virtual Tour and creative photography is vital. The ability to interact virtually has proven to be enough to inspire strong sales throughout this summer season.
Along with shifting approaches to how transactions are being processed, the styles, features, fixtures, and amenities of homes most desired have shifted markedly as well. One major impact the coronavirus has had on buyer want lists is the home office. Working from home has gone from trendy and desirable but not very practical to a business model necessity which has revealed the home office as the single most sought after feature by those seeking to purchase a home this year.
Practical and multi-use spaces that allow for greater “remain at home” activities top the list for 2020. Most likely, that will continue into 2021, as people recognize the work-from-home model as both a sustainable and preferred employment style. Homebuilders, having shifted gears to make up for the lack of existing home inventories, must also take this trend into consideration.
As our businesses and schools work out the logistics of reopening, RE/MAX Alliance Associates will be keeping our finger on the pulse of what buyers want, and how best a seller might meet those demands when marketing their home for sale.